Finwire January 30, 2025 - 12:01

Nexam Chemical: Cash flow pushed into Q1 - ABG

Sales -3%, adj. EBIT -2m vs. ABGSCe
Temporary incoming delivery delays push cash flow into Q1
Optimistic on growth, but dependent on customers' business climate


Q4 results

Sales were SEK 49m (-3% vs. ABGSC 50m), -4% y-o-y. Adj. EBIT was -2.5m (ABGSC -0.6m) for a margin of -5% (ABGSC -1%). The company produced lease adj. FCF of around -4.4m, and ended the quarter with a cash balance of 2.9m vs. R12m lease adj. FCF -2.3m. The quarter was hit by some temporary incoming raw material delays, which pushed several big deliveries to the end of the quarter, which in turn resulted in several payments in early '25 which would otherwise have come in '24. The company extended its credit facility from SEK 20m to SEK 25m, presumably in response to the delayed cash flow, and the company considers its financial position solid. The gross margin remained record high at 47%, but opex was a bit higher than we had anticipated. The low deliveries to one of the company's largest customers which we saw in Q3 continued in Q4.

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